npower has reported that, thanks to a new government cashback scheme, those who use solar power to generate their own electricity could soon earn approximately £960 per year.

Introduced by the government in April 2010, Feed in Tariffs, or FITs, as they’re more often referred to, offer homeowners with solar photovoltaic (PV) panels a payment of up to 41.3p for every unit of electricity they generate.

James Morgan, solar expert for npower, commented: “This is great news for homeowners. Put simply, owners of solar photovoltaic panels, which produce electricity, will be paid for all the energy they generate – regardless of whether they use it themselves or sell it back to the grid. So not only will your energy bills be reduced, but you will also be receiving a regular income from the energy you generate.

“Consequently, there’s never been a better time to be installing solar panels on your home. Since the introduction of the scheme, we’ve seen a huge increase in the number of people interested in going solar, as the extra financial benefit offered by FITs means that the payback period has been reduced to around 15 years for a typical installation costing around £12,000.”

Solar photovoltaic (PV) uses energy from the sun to create electricity to run appliances and lighting in the home. Solar PV requires only daylight – not direct sunlight – to generate electricity, making it incredibly efficient. The system also generates no greenhouse gases, helping to reduce homeowners’ carbon footprint.

Ronald and Wendy Jordan from Cornwall are one couple who will benefit from Feed-in-Tariffs. They run their own beef farm and bed and breakfast near Lostwithiel and decided to invest their savings in solar PV panels while interest rates were low.

Via EPR Network
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